Forums: Discussions for entrepreneurs and small business.

Interesting topic, but it seems a bit skewed toward the "me" side of the equation. What about the "product" side?

For example, I enjoy cooking. Following the above guidelines, I would start a business cooking pork chops. It`s something I wouldn`t mind doing every day, and affordable. I could sell a few, or a lot of pork chops depending on revenues.

I have the skills and knowledge of how to cook pork chops, and have no problem being the only person manning the frying pan. And I would have the time, as well as an emotional attachment to both food and pork chops.

The only problem is that if I started such a business, I have no product, no marketing analysis, no marketing strategy, and a massive amount of competition. I have no real skills assessment, not in terms of pork chops but in terms of running a food-related business.

In other words, I think we need to include in the "necessary requirements" that the business should have a viable product. ;-)

And it`s the word "viable" that really counts.

Ah, but Craig, couldn`t your point be lumped into TopBizHelp`s #3?

I mean, you could just assume that anyone with the knowledge and skills to run the business would know whether or not they have a viable product, or at least to do the research, yes?

*smiles*

If you extrapolate out from each of his deceptively simple points, you will find that 99.99% of businesses and potential business people will be ruled out instantly. The question is... will anyone reading those four simple rules do so?

Sort of a "What is the meaning of life?" exercise.

Actually, no. Having the skills to do something doesn`t automatically include the capability to determine a market for the product resulting from those skills.

If you think about it, it`s actually the other way around. You first determine a product, then ask yourself if you have the skills to produce the product.

So if I first decided I want to open a hot-dog stand, I then would wonder if I have the skills to cook the hot-dogs (and all the other associated skills).

But if I know how to cook potatoes, how does that automatically include my desire to open up a hot-dog stand? ;-)

Darn this written medium for not showing the wry twist of my mouth as I was poking fun.

I agree with you completely, Craig. *smiles*

It`s probably good that you clarified anyway, just in case.

I guess Craigs point KIND OF includes accounting for demand, but at the same time, doing the market research to determine if there is a market demand for your product, and actually including that as criteria for what business to pursue are two different things.

So I think we should add to this criteria: "only pursue a business where you have determined there is sufficient market demand".



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Motivation for Entrepreneurs
Entre-Propel.com

:-) Hey, I know about wry grins and subtle irony. That`s why I`ve decided to put together a business plan, then approach my local bank for a business loan. I intend to form a consulting company designed to help people start a pork-chop-cooking business. I haven`t checked yet, but I`m positive that there are hundreds of people just waiting to have such a business.

One major problem I`ve encountered already, is I`m not sure about how to serve the finished pork chop. I`d thought I`d use bread, but I don`t know how to make bread.

Hmmm. I know a bread maker in Rwanda that can provide it cheap! *grins*

I was thinking of using Chinese bread, actually. I`m worried that Rowandan bread may have in it undisclosed body parts. 

Rwandan? Did I say Rwandan? Of *COURSE* I meant Chinese.

*slaps head, V8 style*

LOL!